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Issuing tokens on the Bitcoin network? How to Cast BRC-20

23-03-10 15:00

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Writing: Cookie, Beat BlockBeats

Yesterday @domodata launched an innovative experiment called "BRC-20" based on the Ordinals protocol. The experiment was designed to test whether the Ordinals protocol could promote bitcoin's "fungibility," meaning that the Ordinals protocol could be used on the Bitcoin network in the same way that the ERC-20 Token was issued on the Ethereum network.

BRC-20 让比特币网络再一次疯狂。3月9日一天有超过30000个「铭文」被铸造，其中文本类型「铭文」数量接近27000个。

沙丘分析显示 2023 年 3 月 8 日序数文字铭文出现大幅飙升

Let's take a look at how BRC-20 Tokens play.

Deploy

Use the Ordinals protocol to burn the text shown below to deploy the BRC-20 tokens:

The meanings of each key word are as follows:

p: indicates the protocol type. Must include keywords that define operations based on the BRC-20 protocol to help other systems identify and process BRC-20 events.

op: indicates the event type. Must include a keyword that defines the event type, whether Deploy deployment, Mint, or Transfer.

tick: indicates the BRC-20 Token identifier. The keyword that must be included defines the BRC-20 Token name, which consists of four letters.

max: indicates the maximum supply. Must include a keyword that defines the maximum supply of BRC-20 tokens.

"lim" : The maximum number of BRC-20 tokens that can be accommodated by a single inscription. Optional keyword that defines the maximum number of BRC-20 tokens a user can earn by casting an inscription. If this is set to 1000, a single inscription can be cast for a maximum of 1000 BRC-20 tokens.

dec: decimal precision. Optional keyword that defines the decimal precision of the BRC-20 Token. The default is 18.

DuneAccording to the data above, three BRC-20 tokens, $ordi, $meme and $punk, have been successfully deployed.

Mint casting

Cast BRC-20 Tokens by burning the text shown below using the Ordinals protocol:

The meanings of each key word are as follows:

p: indicates the protocol type. Must include keywords that define operations based on the BRC-20 protocol to help other systems identify and process BRC-20 events.

op: indicates the event type. Must include a keyword that defines the event type, whether Deploy deployment, Mint, or Transfer.

tick: indicates the BRC-20 Token identifier. The keyword that must be included defines the BRC-20 Token name, which consists of four letters. Here the content of "tick" as "ordi" means that the cast BRC-20 Token is $ordi.

"amt" : Number of BRC-20 tokens minted. Must include a keyword that defines how many BRC-20 tokens a single inscription to be minted will equal, given a value that must be less than the "lim" value deployed by the BRC-20 Token. For example, if the ordi is deployed with a "lim" value of 1000, the keyword can be given any value in the range of 1-1000 when casting an inscription. Usually 1000 is given the number of ordi that can be obtained by casting a single inscription.

Transfer

Use the Ordinals protocol to burn the text shown below to transfer the BRC-20 tokens:

The meanings of each key word are as follows:

p: indicates the protocol type. Must include keywords that define operations based on the BRC-20 protocol to help other systems identify and process BRC-20 events.

op: indicates the event type. Must include a keyword that defines the event type, whether Deploy deployment, Mint, or Transfer. In this case, the content of "op" is "transfer", which means the event type is transfer.

"amt" : The number of BRC-20 tokens transferred. Must include a keyword that defines how many BRC-20 tokens will be transferred.

"to" : indicates the transfer target. Optional keyword that defines the address of the transfer recipient. If this is left blank, the default receiver address is correct. Currently, this keyword is only used for data tracking tests on the Dune Kanban.

"fee" : transfer fee. Optional keywords that define the amount of the transfer fee. Currently, this keyword is only used for Dune Kanban data tracking tests (in the absence of Taproot data).

First come, first served rule

Deploy, Mint, and Transfer are all on a first-come, first-served basis.

For Deploy deployment, if a BRC-20 Token with the same name is deployed, the first deployed is considered the only successful deployment.

For Mint mints, any Mint that exceeds the total amount is considered invalid, and validity is based on the time of Mint success, "first come, first served".

For Transfer, if two transfer events occur in the same block, the higher cost event is given priority.

$ordi casting condition

$ordi was the first BRC-20 Token to be deployed. UniSat's BRC-20 search feature shows 23,161 inscriptions related to the casting of $ordi.

Assuming the "amt" value of the 23,161 inscriptions is all set to 1000, then the casting of $ordi is already considered invalid because the total amount of $ordi is set to 21 million.

If you cast the inscription through Mint Bot, please pay special attention to whether Mint Bot will first cast the inscription to its own address and then transfer it to you, or take your address as the receiving address when casting. If it is "first cast the inscription to your own address and then Transfer", this situation is cheated, because the balance is still hanging under the Mint Bot address, as long as Mint Bot casts a transfer inscription, the balance can be used up. You can verify the Genesis Transaction by checking your Mint inscription on the Ordinals browser (if it is directly output to your address).

Also note that,The Mint inscription does not represent the attribution of the balance. That is to say, it is not correct to buy Mint inscriptions directly in the secondary market to obtain $ordi at present, and the Transfer inscription must be cast at the current balance address to transfer $ordi.

How to Mint BRC-20 Tokens?

useUniSatCan be very smooth batch Mint implementation.

First, go to the page and select BRC-20.

After that, the setup is simple:

Fill in the "Tick" field with the name of the BRC-20 Token to be Mint. In the "Amount" field, fill in the number of tokens contained in each inscription (for example, if the maximum value set for $ordi deployment is 1000, enter 1000 here). The "Repeat Mint" at the bottom sets the number of Mint in batch.(Note: As mentioned above, $ordi has most likely been completed in Mint. The image above is for example only, don't risk invalid Mint at this time)

Click "Next" to confirm Mint content twice:

Click "Next" and fill in the red box with the Bitcoin address to receive. You can also select the Gas level and select "Custom" if you want to finish Mint fastest.

Then click "Submit & Pay invoice" to enter the payment window:

"Copy address below" shows the payment address, and "Total Amount" shows the payment amount. Use your own Bitcoin wallet to complete the transfer and wait for the inscription to arrive.

However, the inscriptions on UniSat Mint were only 546, and community users were worried that the inscriptions would be lost when they were transferred due to the inscriptions being reserved for Gas.

Discord's official response to this is "an extra fee in your wallet to support your transfer."

conclusion

You might think, what's the point of trying to get this ERC-20 Token on bitcoin? The smart contract is at least a money-printing machine for ERC-20 tokens, effectively creating new tokens. What's the difference between this BRC-20 and writing my name on a bill and calling it "My dollar"?

That is precisely the charm of the Ordinals agreement. The Ordinals agreement is about much more than bringing about the so-called "Bitcoin NFT" itself -- it gives all bitcoin enthusiasts the freedom to give bitcoin new meaning. Some people think bitcoin can be "art carrier", some people think bitcoin can be "mint"... Each person's different understanding will result in each Satoshi being burned with different content, which is the seed of Bitcoin's value diversity.

@domodata describes himself as an "experimenter". He thanked everyone for their love of the BRC-20 "experiment" and exhorted them not to waste a lot of money on Mint, Salute.

More and more "experimenters" are thinking about what can be done through the Ordinals protocol, new stuff every day. The Ordinals protocol is bringing Bitcoin's value diversity quest into a "minesweeper phase"...